Aris Mining Corporation (TSX: ARIS) (OTCQX: TPRFF) announces it has received approval from the Corporación Autónoma Regional del Caldas, a regional environmental authority in Colombia, of the Environmental Management Plan which now permits the development of the Marmato Lower Mine.
Construction of the new underground mine will provide access to the wider porphyry mineralization below the current Upper Mine, which allows for bulk mining methods in the Lower Mine. The Upper and Lower Mine has a measured and indicated mineral resource of 6.0 million ounces (Moz) of gold, which includes a proven and probable mineral reserve of 3.2 Moz. The Marmato Mine is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life from the mineral reserves.1
Aris Mining CEO Neil Woodyer stated: “This is a milestone for Aris Mining as it will grow Marmato’s gold production five-fold and, following construction, our Colombian gold production from Segovia and Marmato will be approximately 400,000 oz per year.
This $280 million project is fully funded from our current cash balances and the $122 million of stream funding from Wheaton Precious Metals. Additionally, our Segovia Operations generate significant positive cashflow. The project is scheduled to pour its first gold by the end of Q3 2025.
We thank our artisanal and small mine partners and our communities for their substantial support and efforts during the Marmato Lower Mine project licensing process. The town of Marmato has been the centre for gold mining since it was founded in 1540 with artisanal and small scale miners being at the heart of the community.
This permitting of a new, underground gold mine is a significant achievement for Aris Mining, the Marmato community and the Colombian gold mining industry. We believe this successful partnering process establishes a new path forward for gold mining in Colombia.”
Marmato Lower Mine
In November 2022, Aris Mining announced the results of the Marmato Lower Mine expansion Preliminary Feasibility Study (PFS), and increased proven and probable gold mineral reserves by 57% to 3.2 Moz1. The Lower Mine project includes the development of a new underground mine and a 4,000 tonne per day (tpd) ore processing facility to add to the currently operating Marmato Upper Mine.
|1 See Qualified Person and Technical Disclosure section below for further details.|
Construction Update Highlights
About Aris Mining
Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining also operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.
Aris Mining promotes the formalization of artisanal and small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.
Technical Disclosure and Qualified Person
Marmato Mine Mineral Resources, effective June 30, 2022
|Measured + Indicated||15.5||4.49||19||2,236||9,356|
|Measured + Indicated||46.0||2.54||3||3,761||4,914|
|Measured + Indicated||61.5||3.03||7||5,997||14,270|
1. Measured and indicated mineral resources are inclusive of mineral reserves.
2. Mineral resources are not mineral reserves and have no demonstrated economic viability.
3. Totals may not add up due to rounding.
4. Mineral resources are reported using a metal price of US$1,700 per ounce of gold.
5. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resources.
Marmato Mine Mineral Reserves, effective June 30, 2022
|Proven + Probable||7,142.3||4.16||15||954||3,431|
|Proven + Probable||24,135.0||2.87||4||2,224||2,707|
|Proven + Probable||31,277.3||3.16||6||3,178||6,138|
1. Totals may not add up due to rounding.
2. Mineral reserves are reported using a metal price of US$1,500 per ounce of gold.
All figures expressed in this news release are in US$
Scientific and technical information concerning the Marmato Lower Mine is summarized, derived, or extracted from the technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, Pre-Feasibility Study of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022. This technical report was prepared by Ben Parsons, MAusIMM (CP), Anton Chan, Peng, Brian Prosser, PE, SME-RM, Joanna Poeck, PE, SME-RM, Eric J. Olin, SME-RM, MAusIMM, Fredy Henriquez, SME-RM, ISRM, David Hoekstra, PE, NCEES, SME-RM, Mark Allan Willow, CEM, SME-RM, Vladimir Ugorets, MMSA, Colleen Crystal, PE, GE, Kevin Gunesch, PE, Tommaso Roberto Raponi, PEng, David Bird, PG, SME-RM, each of whom is independent of Aris Mining, and by Pamela De Mark, P.Geo, who is not independent of Aris Mining, and each of whom is a “Qualified Person” as such term is defined in NI 43-101. The Marmato technical report has been filed with the Canadian securities regulatory authorities and is available for review on Aris Mining’s website at www.aris-mining.com and on Aris Mining’s profile on SEDAR at www.sedar.com.
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.
First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is plea... READ MORE
New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to ... READ MORE
Highlights: Drilling at the new West Goodspeed target has inter... READ MORE
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)... READ MORE
enCore Energy Corp. (NYSE American: EU) (TSXV: EU) is pleased to... READ MORE